Credit of distrust: young Russians are being cut off from bank loans
It has become much more difficult for young people to get a loan from a bank, Izvestia found out. The share of loan approvals for Russians under the age of 25 has fallen below 15%, while the national average is 21%. They also began to drastically reduce their credit rating. As a result, the volume of loans to young people has dropped fourfold in a year. Banks consider such clients to be particularly risky, since they often do not have stable salaries and it is more difficult for them to calculate their debt burden, taking into account high interest rates. If they refuse, young people go to MFIs, which can lead them into debt bondage.
Do they give loans to students
The approval rate for loan applications to young people under 25 fell to 14.6% in February 2025, the National Bureau of Credit Histories (NBKI) told Izvestia. They clarified: over the year, the indicator decreased by 8 percentage points at once, which is a fairly significant drop. Young people now face loan refusals more often than representatives of other age groups — the national average is 21.3%.
The United Credit Bureau (OKB) estimated that the average level of credit rating among young people in 2024 decreased by 7% and reached 650 points - this is a more serious drop than in other age groups. As a rule, the lower it is, the less likely a person is to get a loan.
As a result, according to the OKB, the volume of cash loans to young people has more than quadrupled over the past year, from 36.5 billion rubles to 8 billion. At the same time, this indicator has only halved for all age categories.
At the same time, loans were actively given to young people in previous years. In 2023-2024, borrowers' creditworthiness increased up to 30 years faster than people of other ages, said Natalia Milchakova, a leading analyst at Freedom Finance Global. At a time when banks were trying to increase lending, it was young Russians who became the main recipients of their services — they saw loan ads more often than others and used financial organizations' mobile applications much more actively.
Right now, young people are the least likely to approve loans, but the tightening is visible across all age groups. This is due to the Central Bank's stricter regulation of risky loans, as well as high interest rates, which make it more difficult for people to cope with the debt burden.
According to the latest estimates of Izvestia, the total cost of consumer loans reaches an average of 40% for major market players. The overpayment on a two—year loan of 120 thousand rubles at this rate will amount to 56 thousand, which is almost half of the initial amount, said Compare. The rising cost of servicing new debts limits their solvency, which is why the risks of customers going into arrears are increasing.
Why it's harder for young people to get a loan
— The approval level among the youth themselves has decreased more over the past year, as they are traditionally considered more risky borrowers, — explained Alexey Volkov, NBKI Marketing Director.
Banks have become more cautious about issuing loans to customers under the age of 25, confirmed Viktor Bulanov, head of the Credit Rating product at Compare. This is due to the fact that borrowers from this age group are more vulnerable during periods of financial instability, and in their case the risks of non-payment are indeed higher.
The employment of young Russians is far from always stable — earnings can be seasonal, the workplace can often change (as well as sometimes the field of activity), said the SRO "Microfinance and Development" (SRO "MiR"). Because of this, lenders sometimes cannot accurately understand whether the borrower will remain solvent until the end of the loan term.
— Additional negative factors characteristic of young borrowers include lack of financial literacy and lack of savings. This makes them more vulnerable to unforeseen expenses and reduces their ability to repay loans on time," said Oleg Berdasov, Director of Risk Management at IFC MigCredit.
In addition, it is difficult for the youngest borrowers to get money from a bank simply because they do not have a credit history, added Natalia Milchakova from Freedom Finance Global. Even a late payment of property tax or an administrative fine (if the young man received such payments) may affect the bank's decision.
Is it worth taking out a loan from an MFO
Along with the tightening of bank lending since the middle of 2024, there has been a significant flow of customers into microloans, since the risk policy of MFIs is more loyal to borrowers, noted in "Compare". Over the past year, users of the financial marketplace have applied for loans 35% more often than in 2023. At the same time, the conditions in this market are usually much more stringent.: the rate can reach 292% per annum.
— The main target audience of this product is just zoomers and partly millennials, that is, people from generations under 25 years old. They accounted for the vast majority of micro—loans issued (85%)," said Viktor Bulanov from Compare.
The market really captures the interest of young people in borrowed funds, confirmed to Izvestia in the SRO MIR, as well as representatives of the largest players. For individual organizations, the share of borrowers under the age of 25 in applications increased by 13%.
Russians can also actively use installments on marketplaces, which is often a mirocredit. Banks consider microloans to be a sign of the borrower's financial difficulties, and frequent applications for such funds from various organizations negatively affect the credit rating, <url> clarified.
At the same time, market participants note a deterioration in payment discipline among young people, said Oleg Berdasov, Director of the Risk Management Department at IFC MigCredit. The increase in delinquency on the part of these customers is already becoming a reality.
Some young Russians consciously apply to MFIs after problems with servicing a loan previously taken from a bank, said economist Andrey Barkhota. The problem may reach its peak by the end of 2025, when the risk appetites of MFIs themselves will decrease, because against the background of growing demand for their services, they may also reduce the acceptance of applications from more risky clients.
It is also important for young Russians to remember that it is possible to get a loan from a bank at more reasonable interest rates than in an MFI, even now, said Compare. It can be approved if the borrower confirms a stable income and official employment. In addition, the availability of guarantors or the provision of collateral can facilitate the procedure.
To increase the chances, it is better to contact a bank where the client already has an account. It is also important that the amount of the monthly payment does not exceed half of the regular income — this can be checked in the loan calculator, added in "Compare".
Переведено сервисом «Яндекс Переводчик»
